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The pharmaceutical industry has embraced technological innovations and undergone massive changes throughout their workflow. Technological advances have been one of the most influential and prominent aspects of the pharmaceutical industry by providing innovative ideas for research and development (R&D) of new drugs and handling the data of confidential patients.
For immediate needs, AI-driven systems have the capability to provide clinically relevant, real-time, quality information to physicians and researchers from data stored in electronic health records (EHRs). By 2020, it is anticipated that chronic conditions such as cancer and diabetes will be diagnosed in minutes using cognitive systems which provide 3D images in real-time by identifying typical physiological features in the scans. By 2025, 90 percent of the U.S. and 60 percent of global hospitals and insurance companies are expected to implement AI systems. In turn, AI systems will provide 70 percent of patients with easily accessible, cheaper, and high-quality care.
Check out: Top Pharma & life sciences Companies
To date, the pharmaceutical and life sciences industries have been cautious in applying digital technology to improve production and supply chain operations, yet this caution is becoming an obstacle. Businesses can substantially increase visibility in their supply chain operations and make better and faster decisions by applying digital technology. Digitalization enables businesses to fully integrate their supply chains and improve their operational processes, making them more receptive and adaptive. This enhances precision planning, efficiency and product manufacturing, inventory levels, and service levels.
One of the most strictly regulated industries is the pharmaceutical industry, and there is always a constant need for continuous product monitoring as prescribed by regulatory mandates. An annual quality review has traditionally been sufficient; though, this is no longer the case, as manufacturers are increasingly expected to conduct systematic reviews more frequently than before. Breakthroughs such as IIoT enable such processes to be monitored continuously, in real time. This enables manufacturing companies to ensure that the prescribed parameters do not deviate. Any unfavorable incident can be predicted and corrected, thus avoiding any downtime or monetary loss that could damage a pharmaceutical manufacturer's reputation. This is further accelerated by increasing pressure on R&D departments not only to develop products faster but also to provide more individualized therapies.
Companies will compete for the same limited number of skilled workers throughout the pharmaceutical spectrum. Companies that build their IT identity and brand successfully will probably be best placed to acquire, manage and retain crucial technology workers.